An economist says that crypto community members should continue to ask questions and equip themselves with knowledge to tackle the advent of new technologies in the Web3 market.
At the Peer-to-Peer Financial Systems (P2PFISY) Workshop 2024 held in Dubai, economist Paolo Tasca, who founded organizations like the University College London Centre for Blockchain Technologies and the DLT Science Foundation and Exponential Science, spoke with Cointelegraph about the importance of asking questions in a fast-paced industry like Web3.
Paolo Tasca speaks to the audience at the P2PFISY Workshop 2024 in Dubai. Source: Cointelegraph
Tasca told Cointelegraph that many community members fall into what he described as the “complexity scam,” in which they refuse to ask questions because they believe the answers may be too complicated.
Because of this, the economist said that there should be a platform for regulators, academics and consumers to convene and discuss important questions for the industry.
The importance of asking questions in crypto
Tasca said that they organized the P2PFISY workshop to allow regulators, academics and crypto practitioners to discuss the technology in a non-commercial setting.
He pointed out that many crypto projects omit information to sell their products. Tasca explained:
“They don’t provide the full set of information because they want to hide something. We have seen this in many crypto that are not really solid projects. They instead focus on marketing and communication.”
Tasca added that workshops like P2PFISY could help participants ask and answer crypto and Web3 questions using the right tools, including research papers and educational material.
The economist said this would equip community members with the knowledge to then ask the right questions whenever new technology proposals are on the market.
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Web3 narratives continue to evolve
While the narratives within the space have evolved throughout the years, Tasca says that the industry still has a long way to go when addressing concerns over topics like crypto assets, consumer protections, disclosures and regulations.
He said that there are many questions about the “spillover effects” between traditional finance and decentralized finance.
Tasca told Cointelegraph that there has been a “consolidation of ideas” in the last 10 years. He said that while discussions started with basics like crypto economies, they have evolved into complex ideas like the interconnection between traditional systems and Web3. He explained:
“We have seen this intertwine between the Web2 financial model and Web3. They are working together. Some Web3 companies became banks. Some banks became Web3 companies.”
Tasca said the discussions have been hovering around the interconnection between old technologies and what he described as “the new world.”